An appellate court ruled Wednesday that Joe Nacchio can remain free on $2 million bail pending an appeal of his conviction for illegal insider trading - a surprising win for the former Qwest chief executive.

The decision by three appellate judges indicates Nacchio's attorneys have identified at least one issue that raises a substantial question of law or fact likely to result in a reversal of the verdict, a new trial or reduced sentence.

The judges' two-page order didn't provide specifics but stated the appeal would be heard on an expedited basis.

The ruling overturns U.S. District Judge Edward Nottingham's order last month that Nacchio must begin serving his six-year prison sentence while his appeal is underway.

Nacchio was to report to prison within 15 days of the Federal Bureau of Prisons' designating a facility but will remain free until at least December, when oral arguments on the appeal will be heard.

"We're disappointed by (Wednesday's) decision, but pleased the court will expedite the appeal," U.S. Attorney for Colorado Troy Eid said in a statement. "We hope the defendant will start serving his sentence as soon as possible."

Nacchio attorney Herbert Stern said he was "deeply gratified."

Legal experts said the ruling and an expedited appeal are uncommon.

"It is pretty rare," said Rick Korn feld, a criminal lawyer in Denver and former federal prosecutor. "What they're really saying between the lines is that there might be something big enough here that we want to look at quickly."

An opinion on the appeal is likely to be rendered two to three months after oral arguments are heard in mid-December, experts said. Criminal appeals generally take at least a year.

"They expedited it because this guy would otherwise be going to jail," Kornfeld said. "They don't want to delay the sentence, because in delaying the sentence, they're delaying justice."

According to a brief filed this month with the 10th Circuit Court of Appeals in Denver, Nacchio's appeal will probably focus on jury instructions. His appellate attorney Maureen Mahoney contends that Nottingham should have instructed jurors about the materiality of projections and forward-looking statements.

Mahoney noted the government has conceded that Nacchio's insider-trading case is unique because it involves trading stock on the basis of "soft" information - in this case, financial projections. Insider-trading cases typically involve trading on the basis of hard information, such as a merger.

"The risk of wrongful imprisonment in these uncharted waters is far too genuine to deny bail pending appeal," Mahoney wrote in her brief.

Other appeal issues could include the exclusion of defense expert testimony, insufficient evidence to convict, and rulings related to Nacchio's classified-information defense.

White-collar-crime expert Peter Henning said the findings of the three appellate judges that granted Nacchio his bail - Paul Kelly, Michael McConnell and Jerome Holmes - aren't binding on the three separate appellate judges that ultimately will hear the appeal.

Though it's rare, several recent high-profile white-collar defendants were granted bail pending appeal, including former WorldCom chief executive Bernie Ebbers and former Adelphia Communications executives John and Timothy Rigas. In those instances, the federal judge presiding over the case granted bail.

Nacchio was indicted in December 2005 on 42 counts of illegal insider trading connected to his sale of $100 million in Qwest stock. He was convicted in April on 19 counts and acquitted on the 23 others.

On July 27, Nottingham ordered Nacchio to serve six years in prison, pay $19 million in fines and forfeit $52 million in ill-gotten gains.

Nacchio's attorneys have until Oct. 9 to file their appeal on the conviction. The government has until Nov. 9 to respond, and Nacchio has until Nov. 20 for an optional reply. The judges stated that requests for extensions of time "will be viewed with disfavor."

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